Allies of Reeves counter that it is her job to make the numbers add up, and that if Starmer wanted more for defense, he should have imposed deeper cuts elsewhere, but was unwilling to do so. Friends of the chancellor have been quietly making the case that she should stay on under Burnham, arguing that she’d signal stability to the markets. The Manchester mayor’s supporters, however, said he won’t reappoint her — despite concerns that a Burnham coronation, with a new chancellor, could disturb the bond market and raise the government’s cost of borrowing.